Chile’s economic growth slowed in May. As announced by the Central Bank on Monday, Monthly Economic Activity Index (holder) An increase of 1.1% was recorded in May compared to the same month of the previous year
The increase was lower than the 3.5% recorded in April and below the expectations of economists consulted by Pulso, who expected an increase of between 1.8% and 2.6%. However, this figure was higher than the 0.5% expansion recorded in March.
The seasonally adjusted series fell 0.4% compared to the previous month and grew 2% in the twelve months. One less business day was recorded this month than in May 2023.
Imacec’s result was explained by growth in mining and, to a lesser extent, services and other goods, the publishing company said.
Meanwhile, Imacec’s decline in seasonally adjusted terms was influenced by the results of industry and services, he added.
Non-mining Imacec annual growth was 0.2%, while in seasonally adjusted terms it fell 0.5% compared to the previous month.
Manufacturing output rose 3.5% year-on-year, impacted by mining and other commodities and partially offset by a decline in manufacturing.
In mining, the increase in copper and lithium production stood out, among other commodities, the growth in the added value of electricity generation. The effect of industry was explained by lower production of chemical activity, oil, rubber and plastic.
In seasonally adjusted terms, the production of goods presented a contraction of 0.4% compared to the previous month, explained by the performance of the industry, which fell by 2.3%. For its part, mining grew 0.9%.
Business activity declined 2.0% year-on-year. This result was explained by all its components, in particular, the automotive and wholesale trade. First, lower vehicle sales stood out, and second, sales of machinery, equipment and construction materials. Meanwhile, the effect of the retail trade was mainly explained by lower sales in large stores.
Seasonally adjusted figures showed a 0.4% contraction compared to the previous month, hit by auto and retail sales.
Services increased by 0.8% on an annualized basis, the result explained by personal services and transportation. For its part, business services recorded a decline.
The seasonally adjusted figures were down 0.2% compared to the previous month.
